Republic Bank's $3 Million Community Loan Fund Already Helping Small Businesses in Challenged Communities
The $3 million Community Loan Fund that Republic Bank & Trust Company ("Republic" or the "Bank") announced just this summer is putting dollars into the communities Republic Bank serves.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201015005016/en/
Steve Trager, Chairman and CEO of Republic Bancorp, Inc. (Photo: Business Wire)
"We're off to a great start," said Steve Trager, Chairman and CEO of Republic. "Ninety days ago, we decided we needed to provide more support and promote business development and job creation in low-to-moderate income communities and in just a short period of time we are doing just that." Mr. Trager went on to say, "We're meeting the needs of many who have struggled because of inequity and inadequate access to financial capital."
Pedro Bryant, Republic Bank's EVP and Managing Director of Community Lending, said, "When we launched the Community Loan Fund, we were initially uncertain which industries would be seeking assistance." Mr. Bryant continued, "What has surprised and excited us is the applicants that are looking for capital to bring professional services to these underserved communities represent many industries, especially healthcare."
The first Community Loan Fund client is GObileMD, which will bring expanded healthcare access to Louisville's West End, a historically under-served area.
"GObileMD wil bring medical services focused on wellness and prevention to patients by actually coming to their homes, places of work, worship and community gathering, as well as through digital technology," said Founder, Dr. Giavonne Rondo. "The simple, straightforward process of securing capital through Republic Bank's Community Loan Fund, as well as their local, personalized service, gives me one less thing to worry about as I am doing all of the other things necessary to get a business off the ground."
In addition, loan clients and applicants include other professionals in healthcare, accounting and other industries who are planning to bring valuable services to their communities with the help of funds from Republic's $3 million Community Loan Fund.
Mr. Trager added, "We're stepping forward again to help with this program that complements the contributions from The Republic Bank Foundation (the "Foundation") in our communities. In the past four years we have donated over $9 million to hundreds of organizations across Kentucky, Indiana, Ohio, Tennessee and Florida through the Foundation." One of the most visible initiatives of the Foundation is the Republic Bank Foundation YMCA in West Louisville, a 77,000 square foot facility that opened in late 2019. This innovative facility provides much-needed resources for the physical, mental and financial health and well-being to the same community served by the Community Loan Fund in Louisville.
About Republic Bank
Republic Bancorp, Inc. (the "Company") is the parent company of Republic Bank & Trust Company (the "Bank"). The Bank currently has 42 full-service banking centers and two loan production offices throughout five states: 28 banking centers in 8 Kentucky communities - Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana - Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) - Largo, New Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace, and one loan production office in Oldsmar; two banking centers in two Tennessee communities (Nashville MSA) - Cool Springs and Green Hills, and one loan production office in Brentwood; and two banking centers in two Ohio communities (Cincinnati MSA) - Norwood and West Chester. The Bank offers internet banking at www.republicbank.com. The Bank also offers separately branded, nation-wide digital banking at www.mymemorybank.com. The Company has approximately $6.0 billion in assets and is headquartered in Louisville, Kentucky. The Company's Class A Common Stock is listed under the symbol "RBCAA" on the NASDAQ Global Select Market.
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